Increased Demand for Child Resistant Closures Due to Growth in Pharmaceutical Industry Drives Child Resistant Closures Market Growth
According to our latest market study, titled “Child Resistant Closures Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material, Closure Type, and End Use,” the market is expected to grow from US$ 2,415.35 million in 2022 to US$ 3,444.40 million by 2028; it is expected to grow at a CAGR of 6.1% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Many pharmaceuticals, chemicals, fertilizers, food & beverages, and cosmetics manufacturers are shifting toward green alternatives by reducing the overall material used for packaging. New technologies target reducing carbon emissions by optimizing the manufacturing process and minimizing the impact of conventional plastic material on the environment. Global providers of packaging solutions, such as BERICAP Holding GmbH, Phoenix Closures, Inc., Green Earth Packaging, etc., invest significantly in R&D every year to develop new techniques for sustainable packaging for reducing waste. This drives the sustainability trend and provides child safety, which is expected to create growth opportunities for the child-resistant closures market. The change is partly driven by consumer consciousness regarding the sustainability of a product's packaging. As a result, companies have adopted paperboard packaging with thin plastic packaging wherever necessary.
Thus, increasing adoption of eco-friendly packaging material among manufacturers and awareness about the impact of petroleum-based plastic is expected to propel the growth of eco-friendly child resistant closures during the forecast period.
Berry Global Inc.; AptarGroup, Inc.; O.Berk Company; CL Smith; Georg MENSHEN GmbH and Co. KG; Tecnocap S.p.A.; United Caps; Van Blarcom Closures Inc.; HEINLEIN PLASTIK-TECHNIK GMBH; and BERICAP are the key players operating in the global child resistant closures market. These companies provide a wide range of product portfolios for the market. They have a widespread global presence, which provides a lucrative opportunity for the market to serve a large set of customers and increase the market share. These market players are highly focused on developing products with advanced technology platforms to serve their customers better.
Impact of COVID-19 Pandemic on Child Resistant Closures Market
The COVID-19 pandemic had initially affected the global child resistant closures market size due to the shutdown of manufacturing units, rising prices of raw materials, shortage of labor, disruption of supply chains, and financial instability. The market of child resistant closures is a part of the chemicals & materials industry. The industry's disruption due to the economic slowdown caused by the COVID-19 outbreak had restrained the demand for child resistant closures. However, businesses are gaining ground as previously imposed limitations have been eased across various countries. Moreover, the introduction of COVID-19 vaccines by governments of different countries has eased the situation, leading to the rise in business activities worldwide. The pandemic has also collaterally resulted in the growth of several segments of the chemicals & materials industry post recovery from the production disruptions. End use industries such as pharmaceutical and food & beverages industries have grown after the onset of the COVID-19 outbreak, as products from both industries were categorized under essentials. Pharma industry is one of the biggest end use industries for child resistant closures; as a result, the market also benefitted from the impacts of the COVID-19 pandemic. Moreover, factors such as increased consumption of household cleaning products and sanitizing chemicals also played an important role in the child resistant closures market trends post the COVID-19 outbreak.
Global Child Resistant Closures Market Breakdown – by Region
Child Resistant Closures Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Polypropylene, Polyethylene, Metal, and Others), Closure Type (Push and Turn, Squeeze and Turn, and Others), and End Use (Pharmaceutical, Household Product, Cosmetic and Personal Care, Chemicals and Fertilizer, Food and Beverage, and Others)
Child Resistant Closures Market Size and Forecast to 2028
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The report includes the segmentation of the global child resistant closures market as follows:
Based on material, the global child resistant closures market is segmented into polypropylene, polyethylene, metal, and others. In 2021, the polypropylene segment accounted for the largest revenue share, and it is expected to account for the highest CAGR over the forecast period. Based on closure type, the global child resistant closures market is segmented into push and turn, squeeze and turn, and others. In 2021, the push and turn segment accounted for the largest revenue share, and it is expected to account for the highest CAGR over the forecast period. Based on end use, the global child resistant closures market is segmented into pharmaceutical, household product, cosmetic and personal care, chemicals and fertilizer, food and beverage, and others. In 2021, the pharmaceutical segment accounted for the largest revenue share, and the household product segment is expected to account for the highest CAGR over the forecast period.
By geography, the child resistant closures market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The Europe market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Further, the Asia Pacific market is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The South & Central America market is segmented into Brazil, Argentina, and the Rest of South & Central America.